The AUD/USD pair falls back after testing selling pressure near the immediate resistance of 0.6460 in the early New York session. The Aussie asset com
refreshes a 10-week high at 104.00 as fears of a recession in developing nations have deepened.
S&P500 is expected to open on a positive note, following positive cues from overnight futures. A volatile action is anticipated in US equities as the market mood could turn cautious ahead of the. The US Dollar Index remained resilient as investors hoped that a strengthening US economy could force the Federal Reserve to tighten the interest rate policy further.
Richmond Fed Bank President Thomas Barkin said on Tuesday that if inflation remains high and demand gives no signal, it is likely to drop. That environment would require tighter monetary policy.Meanwhile, investors await preliminary United Statesdata to be reported by S&P Global for August. Analysts at BBH Markets expect Manufacturing PMI to remain steady at 49.0, services is expected to fall three ticks to 52.0, and the composite is expected to fall half a point to 51.5.
On the Australian Dollar front, investors hope that the Reserve Bank of Australia will keep interest rates unchanged in September. Australian inflation is softening consistently as hiring momentum slows and the population is getting older. The absence of triggers providing support to inflation will allow the RBA to keep the interest rate decision unchanged.
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